Milimani Senior Principal Magistrate Robinson Ondieki issued the warrant following an application made by the prosecution who said this is the second time he has failed to attend court.
He was to appear in court for a mention of the case but he was nowhere in sight.
In the case, Yagnesh was early this year charged with stealing 318,665 tonnes of jet fuel valued at Sh 1.5bn, a property of Kenya Commercial Bank.
Devani had been on the run since 2008 before he was arraigned in court in January this year before Magistrate Ondieki.
He denied the charges and was released on a cash bail of Sh1 million.
